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Shinhan Bank seeks to launch South Korea’s fourth internet-only bank

Shinhan Bank, a commercial lender in South Korea, is vying for a licence to become the country’s fourth internet-only bank, joining forces with Douzone Bizon, a software provider. The move will place Shinhan alongside K bank, Kakao Bank, and Toss Bank in the digital banking space. The Douzone Bank Consortium, which includes Shinhan, plans to apply for the banking licence by mid-2023, targeting services for small and medium-sized enterprises that struggle with traditional credit requirements. If successful, Shinhan will complete the set of major Korean banks investing in digital-only entities. The Financial Services Commission has recently eased regulations to encourage more competition and break the dominance of big banks, signalling a more open market for new digital banking entrants.


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